Futures Dip On Factory Data; ExOne Dives On Q1 Downer

Futures dipped from narrow gains to losses early Wednesday after data pointed to slower manufacturing this month in the New York region.

Dow futures were down 15 points. Nasdaq 100 futures were off two points and S&P 500 futures were 2.75 points under the weather.

Mortgage rates increased for the first time in eight weeks, the Mortgage Bankers Association reported, with the rate for a target 30-year fixed rate mortgage rising to 3.67% from 3.59%. The MBA reported mortgage refinance applications down 8% and new purchase applications down 4% for the week.

Prices paid to producers slipped 0.7% in April, the biggest drop in four years, the Labor Department reported. Fuel and food prices backed off sharply, sending prices below March's 0.6% decline and in line with analyst expectations.

Minus food and fuel, the Core PPI rose 0.1%, just below expectations for a 0.2% gain.

New York regional manufacturing eased this month, sending the New York Federal Reserve's Empire State Manufacturing index to a minus 1.4 reading, vs. a 3.1 result in April. The number disappointed analyst forecasts for an increase to 3.75.

Leading stocks were relatively quiet with the IBD 50 list trading in a tightly mixed range ahead of the open.

Fleetcor Technology (FLT) showed the biggest move in the group, a 2% slip. The stock is trading just below a May 3 high and comfortably above its 10-week moving average.

Outside the IBD 50, three-dimensional printer market ExOne (XONE) dropped 10% in after-hours trade Tuesday, holding the loss ahead of Wednesday's open. The Pennsylvania-based company delivered disappointing results in its first quarter as a publicly-traded company.

Overseas, China's markets took mild gains, while Tokyo's Nikkei 225 leapt 2.3%, putting Japan's top index up 3.3% at mid-week and ahead nearly 9% so far this month. Europe's markets were coasting into afternoon trade with very thin gains.

The dollar inched to a six-week high on the euro and hit a four-and-a-half year high on the yen. Commodities responded by shifting lower, with oil trading around $93 a barrel, down 3% so far this week. Gold was near 1,410 an ounce, off a fraction early Wednesday but down 2% so far for the week. Copper traded 4% below last Friday's close and corn slid more than 5% during the same period.

Additional economic data due out this morning includes international capital flows for March from the Treasury Department at 9 a.m. ET. April industrial capacity figures are expected from the Federal Reserve at 9:15 a.m. and the National Association of Home Builders is slated to release its May Housing Market Index at 10 a.m.

See Also

With its stock trading at a 3.5-year low, 3-D printer maker Stratasys (NASDAQ:SSYS) received a rare upgrade Friday. Piper Jaffray analyst Troy Jensen upgraded Stratasys to overweight from neutral, though he also lowered his price target on Stratasys stock to 39 from 42. Stratasys stock was down ...

Continuing to show hard times in the 3D printer market, Stratasys (NASDAQ:SSYS) withdrew its full-year guidance after reporting second quarter earnings Thursday morning. Stratasys reported Q2 revenue of $182.3 million, up 2% from the same quarter a year ago. That was its slowest growth in years, ...

Beleaguered 3D printer maker Stratasys (NASDAQ:SSYS) is expected to report a sharp slowdown in sales with second-quarter earnings Thursday. The consensus estimate is for revenue of $182.3 million, up 2% from the same quarter a year ago but a sharp deceleration from a healthy string of double-digit ...

Highflying chip stock Ambarella (NASDAQ:AMBA) was winged by a negative report from short-seller Citron Research on Friday, falling hard for the second straight trading day on Monday. Ambarella, maker of video processing chips for GoPro (NASDAQ:GPRO) and others, saw its shares plummet 19%, near 96, ...

06/22/2015 01:18 PM ET

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